The Federal Board of Revenue (FBR) in Pakistan has granted unprecedented authority to collectors of customs for the issuance of refunds to importers and exporters. This move is aimed at facilitating quick and efficient refund processing, which has been a long-standing issue in Pakistan’s trade sector.
Under the new rules, collectors of customs have been given unlimited powers to issue refunds to importers and exporters, without the need for approval from higher authorities. The move is expected to streamline the refund process and provide relief to businesses that have been facing delays and bottlenecks in obtaining refunds.
The decision has been welcomed by stakeholders in the trade sector, who have long been advocating for reforms to improve the ease of doing business in Pakistan. The move is expected to boost investor confidence and promote economic growth in the country.
However, some critics have raised concerns about the potential for misuse of these powers, and the need for proper checks and balances to ensure transparency and accountability in the refund process.
Overall, the decision to grant collectors of customs unprecedented authority for refund issuance is a significant step towards improving the business environment in Pakistan. It is hoped that the move will help to attract more investment, boost exports, and promote economic development in the country.